The AI supply chain is seeing capacity constraints at every level.
• Midpoint guidance of €44B
• Second guidance raise this year
• Demand for EUV machines is so strong they can't build them fast enough
$Taiwan Semiconductor Manufacturing(TSM)$
• Sold out across all nodes
• Five 2nm fabs ramping at the same time
• Demand for advanced processes continues to be driven by AI/HPC
$Micron Technology(MU)$ $SK hynix(SKHY)$
• HBM demand remains extremely strong
• Gross margins reaching around 85%
• Supply is expected to stay tight through at least 2027
The AI infrastructure buildout is creating bottlenecks everywhere, from lithography equipment to advanced foundry capacity to high-bandwidth memory.
The market can debate valuations, but the physical demand for AI compute keeps expanding.
The real question isn't whether the AI investment exists, but who captures the most value across this supply chain.
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